For Many Physicians, It Is A Good Time To Rewrite Your Financial Future


A lot of Doc’s are financially unhealthy and know they need to change their circumstances. Start here:

Most Physicians I have talked with, tell me that the script they had in mind for their lives in Medicine isn’t the one they are living. Many have said that a Doctor has to wear so many hats (these days), that being Schizophrenic would actually help.

So if you aren’t blessed with that gift – perhaps a rewrite on your future is in order. So let’s do this:

The point of a rewrite is to produce a basis for living that for YOU is compelling, interesting, engaging, potentially satisfying and sustainable.

Start Here:

It starts with your Driving Question! This question is like a set of glasses that you put on to look at your plans, ideas, strategies, opportunities and problems. It is a simple mechanism that you can use to know where to apply yourself, where to delegate and where to eliminate or activate focus.

I use a variety of questions for different situations – but my overall question for my Practice is very specific and enduring.

My own core question: How can I utilize what I am naturally good at doing and love doing in ways that make a good living, add value, is sustainable and has people around me better off for doing it?

So my operating criteria is: Have Fun, Make Difference, Make Money and Enjoy the People I am doing these things with. It is the essence of everything I do and it has helped me resolve some tough and complex situations.

The Meanings: The criteria each have very specific meaning to me. I have taken the time to research or create definitions that work for me. For example “Have Fun” means for me to do things I really think I do well, and/or make me feel good doing them and/or make time seem to fly and/or are things I do well and enjoy. For me, fun is when I am doing something I believe is worthwhile. It is really fun when I do something that makes a useful difference for someone or gives me a chance to learn more about something I am interested in and leads to my doing it better than before. For me, that’s fun.

There is also clear rich meaning in the other criteria as it relates to what I think is a good living, making a difference and enjoying the people I am around. It takes 10 minutes to list the criteria and define it for yourself (for now) fully reserving the right to change your mind later.

Now for you:

Once you have it formed, your question is the “backboard” against which you bounce ideas, possible pathways, strategies, directions and plans. If an opportunity to go forward doesn’t address this question is obvious ways – then the pathway is no help.

Now, create your own question (feel free to plagiarize mine or any other ideas that you find interesting). You don’t need to re-invent the wheel or create fire here – just find your own internal driver mechanism. One of the easiest ways to do this is to write a paragraph describing the kind of day you love having at work.

Thought Starters and examples:

How can I get the most out of the resources I have to get all my own and my family needs met?

How do I make sure that I fulfill my own potential in the work I do?

How do I become the best known expert in my field?

How do I structure my business so that I can live the balanced life I want?

How do I structure my business so that it succeeds and I only do the things I love to do?

How can I have my business be the dominant business in my markets?

How do I position my business to be scaled to multiple locations?

Use the question for about a month to make sure it works in ALL the areas of work/life that you need to address. Adjust as necessary. Test this question in every way you can.

How to test it. Take any situation that you need to participate in and check: How (specifically) does what I am about to do here, answer my internal driving question? If it isn’t obvious, then find out what you need to do to make it answer that question.

Closing example: Feeling Stuck!

Dr. Dave (fictitious) was feeling stuck with little clarity about what to do because there was no “zing” in his experience. To many “have to’s” and not enough “want to’s”. There was enough business to function but no cushion being built.

We asked him to take the results of the last 3 years and imagine what question would make these results a match in answer. After some deliberation he decided that it was: “How do I keep my doors open and the wolf away from the door?” It was a question of survival.

He changed his question to a new one: How do I help people and get my business on a growth path of at least 8% per year for the next 3 years? What’s important about how it occurs is that it be sustainable, profitable and something with growth potential.

As a result of this shift, the business added a new service offering in a market they had not previously considered. The big Epiphany was to focus on where money is being spent versus where it “should” be spent.

Summary: Multiple and diverse revenue pathways driven by well-formed business focus provides stability and growth. Some example for Practices include Therapeutic Home Care Accessories, Skin Care Lines, Nutraceuticals, Weight Management Systems, Auto-Immune System Therapies, Anti-Aging Modalities and Products, Hormone Replacement Therapies, Cosmetic Aesthetics, Emerging Therapy Technologies for specific Patient Needs, Physical Energy Increase Programs, Nutritional and Body Chemistry Balancing Offerings.